It has been confirmed that Manchester-based online fast fashion retailer Missguided has appointed administrators in attempts to save the brand.
The multi-channel fashion retailer – which sells clothes primarily aimed at 16-35 year old women, and had its headquarters based in Stretford before moving to Trafford Park in 2015 – was founded by Nitin Passi back in 2009 when he was just 26, and it grew grew into one of Britain’s biggest online-led fashion retailers alongside ASOS and fellow Manchester-based fast fashion brands, Boohoo and Pretty Little Thing.
But now, Missguided has asked Teneo Financial Advisory to sell its business and assets.
It comes after the business was issued with a winding-up petition by clothing suppliers, who are owed millions of pounds.
Teneo said Missguided will continue to trade while it looks for a buyer.
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Gavin Maher from Teneo said there was “a high level of interest from a number of strategic buyers”.
The Manchester-based online fast fashion retailer was founded in 2009 / Credit: Missguided
He added in a statement: “As we continue to see, the retail trading environment in the UK remains extremely challenging [and] the joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers.”
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The company employs around 330 staff members, with The Guardian reporting that about 140 jobs are thought to be at risk, and the publication citing a source as saying that more than 80 people had immediately been made redundant.
Reports suggest that rival and larger online fashion retailer, Boohoo – which bought a number of collapsing high street brands during the COVID-19 pandemic – had been in talks to buy Missguided in a prepack administration deal, and JD Sports and ASOS are also thought to have shown some interest, but a deal was not made.
The fashion retail company moved its HQ to state-of-the-art offices in Trafford Park in 2015 / Credit: Google Maps
In efforts to pinpoint why Missguided was on the brink of collapse, industry professionals and marketing experts said not only were some rival brands better, cheaper, and faster, but that shoppers now care more about sustainability and less about fast throwaway fashion.
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Julie Palmer – a partner at insolvency firm Begbies Traynor – also told the i newspaper that the cost of living crisis means shoppers are cutting back on spending on non-essentials like the fast fashion Missguided offers.
She said: “While Missguided boomed when we were locked down with no opportunity to spend wages going out, the harsh realities of post-pandemic life are becoming clear.”
The company has now asked Teneo Financial Advisory to sell its business and assets / Credit: Missguided
Ms Palmer added: “Rising inflation and worries about the potential for a recession mean that people just aren’t willing to spend on what they don’t need.
“Hopefully a buyer will see the potential in this company that means its suppliers continue to find an outlet for their products.”
Featured Image – Channel 4
News
A Greater Manchester neighbourhood has been named one of the ‘coolest’ in the UK
Clementine Hall
A neighbourhood in Great Manchester has been crowned one of the coolest in the country – and this time, it’s not Ancoats.
Every year, we wait with bated breath to see which UK neighbourhoods have made the cut in Time Out’s annual ranking of the coolest places in the world.
But, as it turns out, Britain is just so damn cool that we’ve earned a list of our own.
In its latest guide, ’11 Coolest Neighbourhoods in the UK’, Time Out has rounded up the places across the country that are really making a name for themselves.
Images: The Manc
And one neighbourhood here in Greater Manchester has made the cut, and although you’d immediately think of Ancoats that has made its way to similar lists before, this time there’s a newbie on the block.
Coming in at a very respectable fourth place, Stockport and the Underbanks received a glowing report in the coveted list.
Images: The Manc
Are we surprised? Not one bit.
We love Stockport for its flourishing food scene, cool community vibe and ever-growing roster of independent businesses – not to mention its brilliant mix of old-school charm and new-school cool.
It’s a place that feels like it’s constantly evolving, without losing the character that made people fall in love with it in the first place. And clearly, Time Out agrees.
Images: The Manc
Kyle MacNeill, contributing writer, said: “If you live anywhere near Manchester, you may have heard this one on the rumour mill: ‘Stockport is The New Berlin’. It’s a gag, alright: the humble market town hasn’t got a club, let alone the most hedonistic nightlife scene in the world. But it is true that SK is rapidly becoming the place-to-move-to for the Second City’s creatives, thanks to cheaper rent and some serious suburban tenacity.
“The Underbanks, a cobbled high street once home to hat-makers and hosiers, has been transformed into a bustling hub of forward-thinking vendors, while various local institutions have embraced Euro-style cafe culture, midcentury decor, sustainable fine-dining, small plates snacking and chic drinking dens. All of which, actually, come to think of it, is very Berlin… “
High praise indeed, you can read the full list of the UK’s coolest neighbourhoods here.
Murder investigation launched and five people arrested after man dies in Salford
Emily Sergeant
A murder investigation has been launched after the death of a man in Salford this week.
Greater Manchester Police (GMP) explained that officers were called out to an address on Great Clowes Street in Salford at around 7:50pm on Tuesday evening (6 October), and when they arrived on the scene, a man in his 40s was found ‘unresponsive’.
Despite the best efforts of emergency services and all the medical professionals involved, the man sadly died a short time later.
The identity of the man has not been revealed as of yet.
Police have confirmed that five men, all aged between 24 and 35-years-old, have been arrested on suspicion of murder.
A public appeal for information has now been issued as the investigation into the circumstances surrounding this man’s death continues.
Detective Chief Inspector Ian Partington explained: “Our priority is to establish exactly what happened and we are keeping an open mind as we work to build a full picture of the events leading up to his death. A post-mortem is taking place to establish the cause of death, which will be an important part of our investigation.
“We understand that an incident of this nature will understandably cause concern within the local community but at this stage, we are confident that there isn’t any wider threat to the public.
“Officers will remain in the area while enquiries continue, and I would encourage anyone who has information, or who may have witnessed anything that could assist our investigation, to speak to officers or contact us.”
Can you help? Anyone with information should contact police on 101, use the LiveChat function on the GMP website, or contact Crimestoppers, anonymously, on 0800 555 111.
Emily Sergeant -
31st May 2022 
